The Ministry of Finance has informed that total enrolments under the Atal Pension Yojana (APY) have surpassed 7 crore, with more than 56 lakh new enrolments recorded in the current financial year 2024-25. The ministry stated on Tuesday that the scheme, now in its 10th year, continues to make significant strides in providing pension coverage to vulnerable sections of society.
According to the Ministry's statement, APY's success is due to the concerted efforts of all banks and State Level Bankers' Committees (SLBCs) and Union Territory Level Bankers' Committees (UTLBCs). These entities have played a crucial role in bringing pension benefits to the underprivileged, ensuring that more individuals are brought under the social security net.
The Pension Fund Regulatory and Development Authority (PFRDA) has also been actively promoting awareness of the scheme. Several initiatives have been undertaken to increase outreach, including APY outreach programmes at the state and district levels. Additionally, the PFRDA has been conducting training and awareness programmes, using various media platforms to publicise the scheme. A simplified flyer explaining APY has been distributed in Hindi, English, and 21 regional languages to ensure that information reaches a broader audience.
The scheme of the central government is designed to provide comprehensive security to subscribers. The scheme guarantees a lifelong pension to the subscriber and extends the benefit to the spouse after the subscriber's demise.
"APY has been designed in such a way that it provides Sampurna Suraksha Kavach (complete safety net) to not only the subscriber by providing a life-long defined and guaranteed pension amount" said the ministry. Furthermore, after the death of both the subscriber and spouse, the accumulated corpus is returned to the nominee, ensuring continued financial security for the family.
Introduced on 9 May 2015, the Atal Pension Yojana is a flagship social security initiative of the central government. It aims to create a universal social security system, particularly for the poor, the underprivileged, and workers in the unorganised sector, providing them with a defined pension and financial security in their later years. (ANI)
